Macy’s announced Thursday the closure of eleven stores across the country -– including the store in the Magic Valley Mall in Twin Falls.
Four store closures were announced earlier by the company.
“With these closures, the company will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately nineteen additional stores, as leases or operating covenants expire or sale transactions are completed,” said a company news release. “These closures are part of a multi-year effort by the company to ensure the optimal mix of brick and mortar stores and digital footprint. Including the stores announced today, Macy’s, Inc. has closed 124 stores since 2015.”
“The company expects annual expense savings of $300 million from these actions beginning in fiscal-year 2018, which it intends to reinvest in the business. Also associated with these actions, the company anticipates one-time charges of approximately $160 million, or approximately 33 cents per share, (of which approximately $115 million is expected to be cash) to be booked in the fourth quarter of 2017 for restructuring activities, asset impairment, store closings and other costs,’ the release said.
Company officials say the following Macy’s stores will be closing this year. In most cases, clearance sales will begin on January 8, and run for about eight to twelve weeks.
Laguna Hills Mall, Laguna Hills, CA *
Westside Pavilion, Los Angeles, CA*
Novato (Furniture), Novato, CA
Stonestown Galleria, San Francisco, CA *
The Oaks, Gainesville, FL
Miami (Downtown), Miami, FL
Magic Valley Mall, Twin Falls, ID*
Honey Creek Mall, Terre Haute, IN
Birchwood Mall, Fort Gratiot Township, MI
Fountain Place, Cincinnati, OH
Burlington Town Center, Burlington, VT
*Previously announced closure